Ensure that you seek professional advice from an independent Mortgage Adviser to determine your borrowing capacity and to review the costs involved in purchasing a house. It is possible to obtain an "agreement in principle" from mortgage lenders at this stage, so that you can start house hunting safe in the knowledge that a mortgage has been agreed in principle for the funds you require. The name of your solicitor will be needed at this stage, so it's a good idea to get quotes before starting the house buying process. A good solicitor can make all the difference to the home-buying process and help everything go smoothly.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Speak to your mortgage adviser and finalise your mortgage application and any appropriate and suitable protection policies. Having already had an agreement in principle, this part of the process can be sped up considerably. The Lender will make all the necessary checks regarding your employment, credit status, etc. to assess your situation and borrowing capacity against the mortgage that you've applied for. Once the lender is satisfied they will instruct a Surveyor to undertake a valuation report on the property you wish to purchase. The mortgage valuation is very much for your lender's information, so you might also wish to instruct a homebuyers report or full structural survey — depending on the age and type of property you intend buying — which provides you, the purchaser, with more detailed information on the condition of the property.
If you have not already done so instruct your solicitor to start work for you and provide them with full property details. Here, at Dale & Collins Estate Agents, we will provide your Solicitor with a 'Memorandum of Sales' to assist you in this part of the process.
This step provides for the valuation report arriving from the lender. If the valuation report requires repairs to be done, then the lender may agree the mortgage subject to conditions. If work/repair is needed, get at least two quotes for every job. Our fully trained negotiators will then speak to all parties and suggest a suitable outcome to help to progress the sale.
Your Solicitor will carry out the necessary searches, for example, to check that the seller actually owns the property or investigate planning permissions or building regulations that may have been required on any extensions or alterations.
The mortgage lender will issue the mortgage offer. The mortgage offer sets out the terms and conditions that will apply to the mortgage contract. The solicitor will also receive a legal pack from the lender. The legal pack contains full instructions about how your solicitor should meet the lenders completion requirements. This pack includes items such as the form of undertaking, which your solicitor is required to give to the lender, a copy of the deed of mortgage and charge, loan advance requisition form etc. If all is in order, your solicitor will draw up and send you the legal paperwork to sign and return along with the deposit as applicable. Dale & Collins are here to help to keep you informed during this process.
The solicitors will exchange contracts with the seller's solicitor and advise you of the expected completion date. It is important to understand that you are now legally committed to the purchase.
Start planning the move. Start to pack those boxes! Also, speak to local removal companies to obtain estimates/quotes for your move. Removal companies know that moving dates can sometimes change, even at this late stage, so be prepared for you move, but ensure that you are receiving regular updates from your solicitor.
On completion day, you should receive a call from your seller's solicitor to let you know that funds have been exchanged and you can pick up keys.
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